Occidental Petroleum rallied strongly on Friday with a high of $72.49. Hence a daily close above this level could propel prices towards either $76.75 or $82.16, both being Fibonacci Extension’s 1.272 and 1.618 levels derived from $72.49 and $56.83. However, a daily close below $64, which coincidentally the EMA20 day level, could present short selling opportunities. First downside support is $56.83 while second support is seen at $51.53.